Oil traded near the highest price in more than a week in New York after central bank officials in the U.S. and Japan indicated they will use monetary policies to stimulate their economies.
Futures were little changed, heading for a second weekly gain. Federal Reserve Vice Chairman Janet Yellen and William C. Dudley, president of the Federal Reserve Bank of New York, endorsed the view that borrowing costs will stay near zero through 2014. The Bank of Japan (8301) “will pursue powerful easing” to overcome deflation, according to Governor Masaaki Shirakawa. Iran’s crude output may drop by as much as 950,000 barrels a day by July as embargoes take effect, the International Energy Agency said.